Unpaid Salaries Shared funds not from Excess Crude Account –Presidency

Presidential media aide, Femi Adesina made the clarification on Tuesday, July 7, 2015 while describing the report as incorrect.

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The Presidency has denied reports that it is set to empty Nigeria’s Excess Crude Account (ECA) in order to fund a recently announced bailout for states to enable them pay salaries.

President Muhammadu Buhari play

President Muhammadu Buhari

(Nigerian Eye)

 

Presidential media aide, Femi Adesina made the clarification on Tuesday, July 7, 2015 while describing the report as incorrect.

Femi Adesina play

Femi Adesina

(Daily Sun)

 

Adesina stated that the ECA balance was intact and that the funds to be used for the bailout would be drawn from dividends paid to the Federation Account by the NLNG.

Femi Adesina play

Femi Adesina

(ThisDay)

 

“The measures approved by President Buhari definitely do not include drawing down the remaining balance in the Excess Crude Account or the “liquidation” of the account as some media outlets have wrongly reported,” Adesina said.

“No such decision has been taken or approved by President Buhari, and last week’s meeting of the National Economic Council clearly concluded that the Excess Crude Account should be left untouched at this time,” he added.

President Muhammadu Buhari inaugurates National Economic Council  (NEC) on June 29, 2015 in Abuja. play

President Muhammadu Buhari inaugurates National Economic Council  (NEC) on June 29, 2015 in Abuja.

(Twitter)

 

“Last week’s meeting of the national economic council clearly concluded that the Excess Crude Account should be left untouched at this time,” Adesina said.

President Muhammadu Buhari inaugurates National Economic Council  (NEC) on June 29, 2015 in Abuja. play

President Muhammadu Buhari inaugurates National Economic Council  (NEC) on June 29, 2015 in Abuja.

(Twitter)

 

Buhari, on July 6, approved a three-pronged bailout package which will also include a debt relief programme designed by the Debt Management Office (DMO).

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